【招商证券】China Catering Sector - Customer traffic recovering; to drive margins in FY23.pdf

off overdone; Positive on investments and margin recovery in

4Q24 margins lay foundation for FY25 earnings

–Games revenue growth accelerated with solid margin expansion

Potential store and margin expansion ahead

We expect prudent guidance but decent margins

–1H23 results marginally beat; continue to implement “1+2+N” strategy

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

Recovery in sight with clear margin expansion

Gradual revenue and margin recovery in FY23

4Q22 beat; FY23E margins likely overestimated